Tourism comes to rescue UK losses as Queen Elizabeth mourners flock London hotels

The passing of Her Majesty Queen Elizabeth II has led to significant event cancellations, the closing of businesses, and people's taking time off from work to mourn the death of their beloved Queen. The already crippled UK economy will take a further blow from the enormous costs incurred from the shutting of businesses.

The United Kingdom has been reeling under an energy crisis and is skidding towards recession.

However, there might be some respite from the massive costs incurred by the impact of the state funeral through the influx of tourists visiting to pay homage to the Queen. The increased tourism is expected to mitigate losses amounting to $2.6 billion.

What is the impact of the funeral on the UK economy?

Her Majesty Queen Elizabeth II's state funeral, to take place on Monday, will be a bank holiday, leading to the closure of many businesses, including most superstores and cinemas.
A.J. Bell's financial analyst, Danni Hewson, informed us that the estimated cost of business closures to the UK economy would be around £2.3B, as projected by the Department of Culture, Media, and Sport. However, inbound tourism is likely to increase as foreign nationals head to the UK to pay their respects to the departed Queen and become a part of this slice of history.

Hotels are busy making money

Some hotels have jumped at this 'opportunity' to make money, which is not seen as very respectful given the tragedy that has struck England. Ken McNab, Managing Director of The Travel Company Edinburgh, said that some hotels in London doubled their prices overnight as the popularity of London shot up post the Queen's sad demise.

Many events were cancelled as a mark of respect to the departed Queen.

In a show of respect for the Monarch's passing away, many sporting and cultural events have been cancelled. Many U.K. universities have also cancelled orientation weeks, including Will and Kate's alma mater, St Andrews. The drinking age in the U.K. is 18, which means cancelling orientation weeks may lead to a loss in liquor sales.

According to a Heathrow spokesperson, as a mark of respect to the Queen, the airport authorities will take utmost care to avoid disturbance to the funeral proceedings on Monday. 'To and fro' operations at the Heathrow airport will be subject to changes accordingly for certain locations at specific times.

Will tourism mitigate the impact on the UK economy?

There has been a rise in inbound tourism in the UK, with international visitors pouring in to be a part of the history in the making as Britain's longest reigning monarch departs for her final abode.

Joss Croft, CEO of the travel agency UK inbound, said that they are witnessing an increasing number of foreign nationals travelling to London to pay homage and celebrate the life of Her Majesty Queen Elizabeth II.

According to Danni Hewson, despite store closures out of respect, London markets have shown resilience so far, and even as parliament will be suspended for a couple of days, the new cost of living plan will still be rolled out behind the scenes, providing relief for cash-crunched households.

The State funeral for Queen Elizabeth II will take place at Westminster Abbey, and Windsor Castle will host the Committal Service on Monday, September 19.